Summary: The property itself has a ton of potential but pricing and metrics from previous company left room to grow. The décor was older and the bed layout could be improved. Through Dynamic Pricing used with aggregate data that we have from our other properties we are able to create a unique pricing structure that is determined by demand.
The Challenge
Property-specific challenge: This property like most was only listed on one platform, which greatly reduced its ability to be booked. While Airbnb is a good platform they have changed their booking structure that results in very high upcharges. By listing on other platforms it allows guests to see the difference between each one and their fees. We needed to fully market this everywhere especially since this area is so small in Indian Pass and Cape San Blas Florida.
| Property name | Bushas Bungalow |
| Location | Cape San Blas / Indian Pass, Florida |
| Bedrooms | 5 |
| Sleeps | 12 |
| Property type | Single Family Home |
| Date management began | May 2024 |
| Previous management situation | The home was not well maintained and required reconfiguration and remarketing to maximize revenue. |
| Improvement | Cost | Revenue Impact |
|---|---|---|
| Furniture Refresh | $3,000 | +10% |
| Outdoor Amenities | $5,000 | +10–15% |
| Metric | Before | After |
|---|---|---|
| Gross Revenue | $40,151 | $104,569 |
| Occupancy | 28% | 56.1% |
| ADR | $772 | $666 |
| RevPAR | $216 | $373 |
A: We were able to see this property was being underutilized, we use very in detail pricing strategies and metrics that allow us to increase bookings based on demand. Updating the property was a no brainer for a small amount that also brought in more interested travelers!!
A: The ability to book not just on Airbnb which is what a lot of companies and individual owners do because it is “easy”. We are on 10-13 booking channels at any time which drastically increases visibility.
A: As you can see in provided graphs above once the unit got outside the slow winter season affects started in March and progressed throughout the year. This is not immediate depending on the time of the year it is put on our program.
A: This is a mix of both, we also have amazing operations team that implements the daily upkeep of the property. In return better metrics because of reviews and happy guests.
A: Absolutely, we can break down and do this for any property, We also provide real estate through Hitchcock Properties. We as a team help you find the right fit for you but analyze the investment as a whole.
A: This depends on the property but there is almost always room for improvement. This property had a 160.4% increase year over year.
A: The highest is “heads in beds” how much can it sleep and what makes sense for vacationers. The next are amenities that make your property different! Allowing pets, pool, golf carts etc.
A: It can but look at anything added to the property as an investment will be the mindset we want our owners in. You can make more money with better pricing yes but you can make even more with the right strategies that allow us to price the property at an even higher rate.
A: You wont until you have someone deep dive into the property itself. Some owners are happy with $2000 a week in the summer and they have never realized the should be getting $3000 all along! We can use data of properties around that we already manage or use data from property managers nearby. Give us a call and we can look at your property for free.
A: We can give you a free property evaluation to let you know if you are underperforming.
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(850) 614-3167
